December 2009
Special message from First Horizon
First Horizon Expects HSA Demand to Increase
If early indicators hold true, more of your clients will ask you to tell them about high-deductible health plans and HSAs. Not only are employers increasingly concerned about how to control healthcare costs, this current health reform debate has drawn greater public attention to these plans and their advantages to employers and their employees.
A recent Watson Wyatt survey release said, “More employers will offer CDHPs next year as they are increasingly viewed as an effective way to control rising costs. Those employers adopting new plans are generally adding a high-deductible plan, often with a health savings account.”
The survey also learned that employers are planning to reduce the number of health plan options they offer to workers, hoping employees will opt for these lower-cost plans.
Employers and brokers will be faced with the challenge of educating employees about these newer types of health plans. They will need to help employees understand that along with health coverage, they now are getting access to a powerful financial tool that provides more choices over how they use their health care dollars.
However, explaining concepts such as high-deductible health plans (HDHP), minimum deductibles, maximum out-of-pocket, triple-tax advantaged, catch-up contributions, and qualified medical expenses are a challenge even for companies with a professional benefits communications team.
First Horizon Msaver’s new Web site (www.firsthorizonmsaver.com) is a tool that can be used by brokers to educate employers and for employers to educate their staff. The newly revamped site has retained many of the features that have been popular in the past such as “HSA Basics” and a partial list of eligible medical expenses.
But, the new site has been enhanced with a “Video Vault” were visitors can view short video clips of real people talking frankly about their experiences with HDHPs and HSAs.
Another new feature of the site is an Interactive HSA Presentation. Visitors take a virtual tour where they can learn what is an HSA, how it works, why they should use one, and they can see real life examples of how HSAs actually work for singles and families.
Finally, three powerful calculators have been added to the site. One is designed to help employers determine if an HSA plan is right for their group. Another projects cost savings into the future and a third helps employees determine the size of the contribution they may make to the HSA.
The First Horizon HSA has always delivered exceptional value, convenience, and service from one of the country’s most experienced HSA administrators. Now we are making it easier for you to help guide your employers and their employees to make better informed decisions about their health coverage options.
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